In an effort to promote the adoption of mobile and contactless payment technology, Visa has announced the release of a new service that will make it easier for consumers to use smartphones as a wallet.
The new service offers financial institutions and mobile providers an easy way to link smartphones with bank account information for mobile credit card payment processing.
“In the same way we have enabled the secure provisioning of payment cards for decades, we are now using mobile technology to securely provision mobile payment accounts over the air,” said Bill Gajda, head of mobile products for Visa.
However, in an interview with Computing, Catherine Haslam, an analyst with market watcher Ovum, pointed out that consumers might still be slow to adopt. While the card companies seem to be pushing deployment, and the technology exists, consumers may not jump on board because they are not driving force behind the development.
Haslam also explained that there has been successful adoption of near field communication (NFC) payments in industries where there is an obvious gain from faster payment processing, such as public transportation. Both consumers and transit operators can benefit from using a mobile credit card terminal to decrease wait times and reduce lines, Haslam said.Back To Blog